State whether the following statements are true or false. Rewrite the

1.	State whether the following statements are true or false. Rewrite the statement if they are false:(a) TFC is zero at zero level of output. (b) AC is minimum at the point where AC = MC. (c) AVC curve is a rectangular hyperbola. (d) TFC curve is‘U’shaped.
Answer» (a) False. TFC is positive even when the level of output is zero. (b) True (c) False. AVC curve is‘U’ shaped. (d) False. TFC is horizontal straight line.

State whether the following statements are true or false. Rewrite the statement if they are false:(a) TFC is zero at zero level of output. (b) AC is minimum at the point where AC = MC. (c) AVC curve is a rectangular hyperbola. (d) TFC curve is‘U’shaped.

Answer»

(a) False.

TFC is positive even when the level of output is zero.

(b) True

(c) False.

AVC curve is‘U’ shaped.

(d) False.

TFC is horizontal straight line.